The Asiatic Bank (1804) was a bank founded in the year 1804 in
British India
The provinces of India, earlier presidencies of British India and still earlier, presidency towns, were the administrative divisions of British governance in South Asia. Collectively, they have been called British India. In one form or another ...
. The bank was the
ninth oldest bank in India.
The bank was eventually merged with the
Bank of Madras in 1843.
History
Founding
The Asiatic Bank was the third oldest bank founded in the
Madras Presidency
The Madras Presidency or Madras Province, officially called the Presidency of Fort St. George until 1937, was an administrative subdivision (province) of British India and later the Dominion of India. At its greatest extent, the presidency i ...
after
The Madras Bank (1683)
The Madras Bank (1683) was a bank founded in the year 1683 in Company rule in India, British India. The bank was List of oldest banks in India, the oldest bank in India.
The bank was eventually merged with the Bank of Madras in 1843.
History ...
, the
Carnatic Bank (1788) and
The British Bank of Madras (1795)
The British Bank of Madras (1795) was an Indian bank founded in the year 1795 in British India. The bank was the eighth oldest bank in India.
The bank was eventually merged with the Bank of Madras in 1843.
History
Founding
The British ...
served many cities in South India.
The bank was founded and largely managed by European traders. They worked closely with the English East India Company.
Management
The bank was staffed by mostly British nationals who were drawn mainly from the
East India Company
The East India Company (EIC) was an English, and later British, joint-stock company that was founded in 1600 and dissolved in 1874. It was formed to Indian Ocean trade, trade in the Indian Ocean region, initially with the East Indies (South A ...
.
The bank had most of its offices and branches in the
Madras Presidency
The Madras Presidency or Madras Province, officially called the Presidency of Fort St. George until 1937, was an administrative subdivision (province) of British India and later the Dominion of India. At its greatest extent, the presidency i ...
.
Final years
The bank was one of four banks that were merged to form the
Bank of Madras in 1843:
The Madras Bank (1683)
The Madras Bank (1683) was a bank founded in the year 1683 in Company rule in India, British India. The bank was List of oldest banks in India, the oldest bank in India.
The bank was eventually merged with the Bank of Madras in 1843.
History ...
, the
Carnatic Bank and
The British Bank of Madras (1795)
The British Bank of Madras (1795) was an Indian bank founded in the year 1795 in British India. The bank was the eighth oldest bank in India.
The bank was eventually merged with the Bank of Madras in 1843.
History
Founding
The British ...
. The
Bank of Madras is one of the precursors of the
Imperial Bank of India
The Imperial Bank of India (IBI) was one of the oldest and the largest commercial banks in India, and was subsequently renamed and nationalised as the State Bank of India in 1955. Initially, as per its royal charter, it acted as the central ba ...
and eventually the
State Bank of India
State Bank of India (SBI) is an Indian Multinational corporation, multinational Public sector undertakings in India, public sector bank and financial service body headquartered in Mumbai. It is the largest bank in India with a 23% market shar ...
.
Legacy
The bank was one of the first banks in India to print its own currency notes.
The bank is notable for being the
ninth oldest bank in India.
The bank is also notable for being one of
the precursors of the State Bank of India, through its predecessors the
Imperial Bank of India
The Imperial Bank of India (IBI) was one of the oldest and the largest commercial banks in India, and was subsequently renamed and nationalised as the State Bank of India in 1955. Initially, as per its royal charter, it acted as the central ba ...
and the
Bank of Madras.
See also
*
Indian banking
Modern banking in India originated in the mid of 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791. ...
*
List of banks in India
This is a list of banks which are considered to be Scheduled Banks under the second schedule of RBI Act, 1934.
As of 1st May 2025, India's commercial banking sector consist of 12 public sector banks (PSBs), 21 private sector banks (PVBs), 44 ...
References
External links
Oldest Banks in India
{{DEFAULTSORT:The Asiatic Bank
Defunct banks of India
Companies based in Chennai
Banks established in 1804